AFTERNOON NEWS 22.09.2026 THE POST-MARKET TEA Research Division - Comprehensive Bulletin This bulletin is prepared by the Research Department of KIS Vietnam Securities Corporation ("KIS"), with the assistance of artificial intelligence (AI) tools in synthesizing, analyzing, and compiling content. KIS makes no investment recommendation, representation, or warranty, whether express or implied, regarding the accuracy, fairness, completeness, or timeliness of the information provided above. Readers are advised to independently verify and evaluate the information before relying upon or using it.

COMMODITIES Brent oil drops to USD100.34/bbl as soybean rebounds to USD488/ton Brent crude spot prices dropped further to USD98.63/barrel (down 1.70%) after settling at USD100.34/barrel, while October WTI futures closed down 4.51% at USD95.78/barrel on easing Middle East supply fears and Saudi export recovery. Conversely, soybean spot prices advanced 1.9% to USD488/tonne following Chinese state firms' purchase of 260,000 tonnes of US agricultural products. WGC highlights key gold support at USD4,273 and resistance at USD4,541 The World Gold Council (WGC) reported global gold prices fell 0.9% to USD4,348/oz but maintained key 55-day moving average support at USD4,273/oz. The market is eyeing major 200-day moving average resistance at USD4,541/oz, supported by accelerating inflows into global gold ETFs. Global diesel prices hit record highs as US retail tops USD6/gallon European diesel futures more than doubled year-to-date in 2026 to hit record highs following Red Sea supply disruptions and the Russia-Ukraine conflict. US retail diesel topped USD6/gallon for the first time, while Middle Eastern exports dropped 50% to 800,000 bpd, leaving global inventories severely depleted. Standardizing coffee supply chains to adapt to EUDR rules Vietnam's coffee exports reached approximately USD9bn in 2025, with 85% of production exported. The EU Deforestation Regulation (EUDR), taking effect Dec 30, 2026, requires standardized traceability across supply chains, encouraging businesses to invest in high-value processing to raise export bean valuation. 01

BANKING NVB. (National Citizen Bank. HNX) National Citizen Bank (NCB) implemented its private placement plan to issue 3.3bn shares at VND10,000/share, raising charter capital by VND33,000bn. Upon completion, NCB's charter capital will surge 112.7% to nearly VND62,280bn, elevating the lender into the top 10 largest banks by charter capital in Vietnam. STB. (Sai Gon Thuong Tin Commercial Joint Stock Bank. HSX) The State Bank of Vietnam Region 9 released inspection conclusions regarding Sacombank's Hue and Quang Ngai branches. While both branches largely complied with credit and anti- money laundering regulations, inspectors noted shortcomings in credit appraisal, post-lending supervision, and slow non-performing loan recovery. VCB. (Joint Stock Commercial Bank for Foreign Trade of Vietnam. HSX) Vietcombank Dak Lak Branch froze a VND60bn deposit account belonging to Saigontourist to secure a VND57.1bn debt obligation owed by Dak Lak Tourism. The lender is authorized to automatically debit up to VND47bn if the debtor fails to fulfill scheduled loan repayments. 02

CONSUMERS PNJ. (Phu Nhuan Jewelry. HSX) Tran Phuong Ngoc Ha, daughter of Chairwoman Cao Thi Ngoc Dung, completed the sale of 18m PNJ shares, collecting approximately VND660bn. Her ownership declined from 3.59% to 0.08%. The divestment forms part of a funding arrangement allowing Dung's family to extend loans to PNJ for operational capital needs. HVN. (Vietnam Airlines. HSX) Vietnam Airlines reported disbursing over VND4,655bn from its VND8,971bn equity offering, including VND2,307bn to repay suppliers and VND2,348bn for debt principal, with VND4,315bn unutilized. In 1H26, HVN generated revenue of VND75,186bn (+28.4% yoy) and NPAT of VND3,852bn (-40.2% yoy). MCH. (Masan Consumer. HSX) Masan Consumer recorded 8M2026 revenue of VND21,536bn, up 15% yoy, driven by core flagship brands including Omachi (+21.3%), CHIN-SU (+15.7%), and Nam Ngu (+22.4%). Meanwhile, home and personal care (HPC) and international business accelerated by 25.6% and 19.1% yoy, respectively, expanding overseas revenue toward a USD75mn target in 2026. FOC. (FPT Online Joint Stock Company. UPCoM) FPT Corporation announced the appointment of Tran Hai Linh as General Director of FPT Online, succeeding Ngo Manh Cuong. Linh previously served as CEO of Lenovo Vietnam and led Sendo. Meanwhile, Cuong transitions to the role of Deputy General Director at FPT Smart Cloud. 03

CONSUMERS (cont.) Vietravel Airlines. (Vietravel Airlines. OTC) Vietravel Airlines took delivery of an Airbus A321 aircraft (VN-A292) with a 228-seat configuration for commercial operation starting 1 October 2026. The carrier will launch new domestic routes connecting HCMC with Hai Phong and Thanh Hoa, while offering 2027 Lunar New Year fares starting from VND68,000 per leg. ALT. (Tan Binh Culture Joint Stock Company. HNX) Tan Binh Culture set 30 September as the record date for a 2025 cash dividend of 10% (VND1,000 per share), disbursing over VND5.7bn on 21 October. Additionally, Nguyen Huy Khoi, son of the company's Vice Chairwoman, completed purchasing 100,000 ALT shares, raising his ownership to 1.74%. 04

FINANCIALS TIN. (VIETCREDIT Finance. UPCoM) VietCredit completed the distribution of 911,000 ESOP shares to 52 key employees, raising its charter capital to nearly VND921bn. In 1H26, net interest income surged 3.1x yoy to over VND3,278bn, substantially offsetting provisioning expenses and enhancing profit sustainability. UPS. (UP Securities. UPCoM) UP Securities approved a private placement of 67.6m shares at VND10,000/share to raise VND676.25bn. Bolt Holdings JSC registered to acquire 62.6m shares to become the largest shareholder with 62.82% equity. Proceeds will allocate VND400bn to proprietary trading and VND276.25bn to margin lending activities. ACBS. (ACB Securities. OTC) ACB Securities announced the issuance of 11 new covered warrant codes (Tranche 2) following SSC approval, with subscription open from 23/09 to 25/09/2026. Warrant parameters are adjusted based on FPT's equity expansion and VPBank's upcoming stock dividend ex- rights event. EGROUP. (Egroup Education Group. Unlisted) The Ministry of Public Security completed its supplementary investigation into Egroup Education Group, recommending prosecution of 29 defendants on charges of fraudulent asset appropriation. Police identified 10,123 victims with total investment losses reaching approximately VND17,050bn via fraudulent share transfer pacts. 05

FINANCIALS (cont.) F88. (F88 Business Joint Stock Company. Unlisted) F88 Business JSC successfully mobilized over VND233.5bn in its third public bond issuance tranche, completing its VND1,000bn annual public bond program for 2026. Proceeds will fund core secured lending expansion and support its 2026-2030 medium-term growth strategy. 06

INDUSTRIALS MST. (MST Investment. HNX) MST Investment won an auction for a nearly 5.4-ha land plot in An Khanh, Hanoi for nearly VND1,161bn to develop low-rise housing (total investment of VND1,442.8bn). The company plans to issue VND1,100bn in 5-year convertible bonds and scheduled 08/10 as the record date for its extraordinary general meeting. DGT. (DONA Transportation Construction. UPCoM) DONA Transportation Construction scheduled an extraordinary general meeting on 09/10/2026 to resolve its overdue bond tranche totaling VND240bn in principal and VND71bn in interest. Shareholders will also vote on merging subsidiaries into the parent company and permitting major shareholder Viet Hung Thinh (7.9% stake) to raise its ownership without a tender offer. CDC. (Chuong Duong Corp. HSX) Chuong Duong Corp approved a VND500bn credit facility at Agribank (VND400bn borrowing and VND100bn guarantee/LC), pledging multiple real estate assets and construction receivables. In 1H26, net revenue rose 55% yoy to VND777bn, and reviewed NPAT reached VND26bn, up 57% compared to self-reported figures. DPG. (Dat Phuong Group. HSX) Dat Phuong Group approved acquiring an over 7.9-ha land plot in My Thuong Ward, Hue City from VietinBank for nearly VND253bn. The land is earmarked for the Phu Thuong Residential Area project, with a total estimated investment of VND1,700bn, registered by Dat Phuong for development over a 72-month timeframe. 07

INDUSTRIALS (cont.) KIM LONG MOTOR. (Kim Long Motor. Unlisted) Kim Long Motor announced plans to build an electric bus manufacturing and assembly plant in Thailand, shifting from exporting completely built vehicles to on-site production. The automaker aims to achieve a minimum localization rate of 50% by 2027 to capture Southeast Asian market share. 08

MATERIALS TNT. (TNT Corporation. HSX) TNT Corporation signed an MOU with US- based Infrakey DC Parks to explore developing a USD10bn data center complex in Vietnam (200-1,000 MW capacity across 200 ha). TNT will handle site acquisition and local permitting, while the US partner leads feasibility studies, commercial structuring, and project financing. DCM. (PetroVietnam Camau Fertilizer Joint Stock Company. HSX) PetroVietnam Camau Fertilizer dismissed Deputy General Director Nguyen Tuan Anh effective 17 September ahead of its 23 September extraordinary shareholder meeting. The company plans to secure gas supply from the Nam Du - U Minh field. In 1H26, DCM posted revenue of VND12,306.33bn (+25.26% yoy) and net profit of VND1,852.46bn (+54.69% yoy). 09

REAL ESTATE HDC. (Ba Ria - Vung Tau House Development. HSX) Hodeco approved transferring the entire 2.58- ha Hodeco Seavillage project for an estimated value of VND1,050bn. The project comprises 132 apartments, 795 condotels, and 39 townhouses. In 1H26, HDC recorded net revenue of VND343bn (+92% yoy) and NPAT of VND102bn (+42% yoy), achieving 21% of its full-year profit target. 10

TECHNOLOGIES VNZ. (VNG CORP. UPCoM) VNG Corporation extended the payment deadline for its 709,970 ESOP share offering (2.39% of outstanding shares) to 23/09. The issuance price of VND30,000/share represents a 94.7% discount to its UPCoM market price of VND568,000/share. In 1H26, VNZ posted net revenue of VND5,871.9bn (+29% yoy) and NPAT of VND592.2bn. PIA. (Petrolimex IT & Telecom. HNX) Petrolimex IT & Telecom announced its 2025 cash dividend at 15% (VND1,500/share), requiring an estimated payout of nearly VND6bn. The ex-dividend date is 07/10 and payment is scheduled for 19/10. In 1H26, PIA recorded net revenue of VND74bn (+34% yoy) and NPAT of VND2.8bn (+16% yoy). 11

POLITICAL Drafting new regulations for party members in private business General Secretary and President To Lam directed the drafting of new rules replacing Regulation 15-QD/TW on party members engaging in private business. The regulation affirms the private sector as a critical economic driver, removing ideological barriers while enforcing strict integrity against misconduct. 12

POLICIES SBV clarifies 5-year maximum retention period for CIC bad debt history The State Bank of Vietnam clarified regulations under Circular 15/2023/TT-NHNN concerning credit history at CIC. Negative credit records are maintained and provided for up to 5 years from full debt settlement regardless of outstanding value, while Group 2 overdue debts are retained for a maximum of 1 year. Tightening bank cross-ownership and identifying beneficial owners The National Assembly passed Law 23/2026/QH16 clarifying beneficial ownership to curb nominee arrangements and bank cross- ownership. According to the SBV, 2-3 related shareholders still hold 40-50% of charter capital at several commercial banks, posing structural concentration risks as the credit-to- GDP ratio reaches 145%. HoREA proposes regulating off-project land subdivision under law The Ho Chi Minh City Real Estate Association (HoREA) proposed expanding the Law on Real Estate Business to regulate land plot subdivision outside formal projects. The proposal requires plots to have complete infrastructure, municipal utility connections, and valid land titles before they can be legally transacted. Proposal to amend Electricity Law only for truly urgent issues The National Assembly Standing Committee reviewed the draft revised Electricity Law No. 61/2024/QH15. The reviewing body recommended limiting revisions strictly to urgent issues and clarifying exceptional policies, preserving legislative predictability given that the law only took effect on Feb 1, 2025. 13

POLICIES (cont.) Studying anti-speculation tax principles in amended Land Law Deputy Prime Minister Ho Quoc Dung chaired a meeting on the draft amended Land Law covering 7 major policy groups. The Deputy PM instructed drafting agencies to incorporate principled framework provisions into the law, including anti-speculation taxes, penalties for vacant land, and localized land pricing mechanisms. Proposed transfer rights for existing homes lacking ownership books The Ministry of Construction proposed expanding transferable real estate contracts under Article 37 of the draft amended Real Estate Business Law. The revision permits contract transfers for existing houses and commercial floor spaces that have not yet obtained official ownership certificates. 14

ECONOMY & INVESTMENTS HCMC Metro Line 2 scheduled to receive first train in 2029 HCMC Urban Railway Management Board announced that Metro Line 2 (Ben Thanh - Tham Luong), with total investment of over VND55,100bn, is constructing six underground stations. Undertaken by the THACO - China Railway consortium, TBM tunneling begins in August 2027, with the first train arriving in July 2029 and trial operations finishing by late 2030. Insiders at EVG, TTD, and HAM register large share transactions Notable insider transactions commenced on the market from 22/09. Everland Group's (EVG) Chairman registered to buy 3m shares to increase his stake to 27.65%. Tam Duc Cardiology Hospital's (TTD) CEO received 10,000 ESOP shares, while a related individual at Hau Giang Materials (HAM) registered to acquire 75,900 shares. Dragon Capital's DCDS fund pivots toward high-beta equities Dragon Capital's DC Dynamic Securities Fund (DCDS) shifted its portfolio toward high-beta equities and FTSE beneficiaries in August 2026. VIC became its largest holding at 11.1% of NAV, followed by BID (8.1%) and MWG (6.8%). Total fund NAV reached VND6,019.8bn, with NAV per share at VND96,740.9. Impact of global monetary tightening trends on Vietnam's economy Global monetary policy faces renewed tightening pressure as the Fed and BOJ both hiked policy rates by 0.25 percentage points in September. For Vietnam, the central exchange rate gained 2% year-to-date while the SBV maintains its refinancing rate at 4.5%, despite foreign net selling of VND92,000bn. 15

ECONOMY & INVESTMENTS (cont.) VN-Index P/E drops to 12.25x amid USD6bn foreign inflow hopes Tien Phong Securities reported that the VN- Index is trading at an attractive P/E of 12.25x, 20% below its 10-year average. FTSE Russell's emerging market upgrade effective 21 September could attract USD6bn in total foreign capital, supporting the benchmark index within 1,715 - 1,894 points in 4Q26. Vietnam sees 20-year green bond as green credit tops VND780tn Vietnam's green bond market in 2025 featured a landmark 20-year bond by Xuan Mai Corp and USD400mn in foreign currency bonds by HDBank and VPBank according to FiinRatings. Outstanding green credit reached VND780,000bn (+15% yoy), making up 4.2% of total economic debt, with clean energy accounting for over 37%. Trade turnover via Lao Cai border gates jumps 64% to USD2.4bn in 9M26 Trade turnover through Lao Cai border gates reached USD2.403bn in 9M26, up 64% year- on-year. Exports surged 123% to USD1.42bn while imports reached USD830.51mn (+18% yoy). State budget collection from border gate operations reached VND1,816.62bn, up 44.3% compared to the same period last year. Vietnam's FDI Attraction in 8M26 In the first eight months of 2026 (8M26), total registered foreign direct investment (FDI) into Vietnam reached USD 40.63 billion, representing a significant surge of 55.4% year- on-year. Meanwhile, disbursed FDI rose by 12% compared to the same period last year, reaching an estimated USD 17.25 billion. The processing and manufacturing sector maintained its leading position as the primary driver of foreign capital, accounting for approximately 55.9% of the total newly registered inflows. 16

ECONOMY & INVESTMENTS (cont.) Da Nang disburses 66.74% of 2026 public investment target in 8M26 Regarding public capital expenditure, as of 8M26, Da Nang disbursed over VND 11,474 billion in public investment, fulfilling 66.74% of the target assigned by the Prime Minister and significantly surpassing the national average of 50.2%. The municipal authority has mandated comprehensive reviews of lagging projects, striving to achieve a disbursement rate of at least 95% by December 2026 and ultimately complete 100% of the VND 17,191 billion allocation plan. Real estate business credit rises 12.71% to VND2.52tn in 2Q2026 Real estate business credit outstanding reached VND2,519,378bn by end-2Q2026, up 12.71% quarter-on-quarter. Credit flows increasingly targeted genuine housing and industrial properties, highlighted by Vietcombank's VND20,000bn mortgage scheme and BIDV's VND30,000bn homebuyer credit package. Big 4 banks maintain peak deposit interest rates around 6%/year Retail deposit interest rates across the Big 4 state-owned banks (Agribank, Vietcombank, BIDV, and VietinBank) peaked at 6%/year for 24 to 36-month terms. For 3-month savings, Agribank offered 2.9%/year, compared to 2.4%/year at the other three lenders. Fed, ECB, and BOJ hike interest rates amid persistent inflation Major central banks including the Fed, ECB, and BOJ raised benchmark interest rates to counter persistent energy inflation. The Fed hiked 25 bps to 3.75-4%, the ECB lifted deposit rates to 2.5%, and the BOJ raised rates to 1.25%—its highest in 31 years—as monetary tightening resumes. 17

ECONOMY & INVESTMENTS (cont.) VND408tn credit package supports enterprise growth and recovery A VND408,000bn credit program was launched by 12 commercial banks offering loan interest rates reduced by at least 1%/year to support SMEs. To accelerate fund absorption, experts recommend innovating credit appraisal based on cash flow and business performance rather than relying solely on collateral. Northern IP supply expands to attract high- tech FDI inflows Industrial park supply across Northern Vietnam expanded significantly to capture shifting high- tech FDI inflows. Hai Phong attracted USD3.26bn in FDI during 7M2026 (+71.8% yoy), with the 150-ha An Phat 5 IP set to complete full infrastructure in 2026 and commence commercial operations in 1Q2027. Accelerating land clearance for VND3,075bn VSIP Hue IP project The VSIP Hue Industrial Park project covers 467.2 ha with total investment of VND3,075bn, comprising VND2,540bn in infrastructure costs and over VND530bn for compensation. Site clearance aims to finish 252.1 ha by Dec 31, 2026 (110 ha already leased) and an additional 215.1 ha by Oct 30, 2027. Vietnam issues VND3,407bn in green bonds in 2025 Vietnam's green and sustainable bond market saw VND3,407bn issued across 5 deals in 2025, down from VND10,325bn in 2024 according to FiinRatings. Outstanding green credit reached VND780tn (+15% yoy), representing 4.2% of total debt across the economy, with renewable energy accounting for over 37%. 18

ECONOMY & INVESTMENTS (cont.) CTW Electronics launches USD1mn plant in Hai Phong CTW Electronics Vietnam Co., Ltd. inaugurated Plant No. 1 at Cam Van Industrial Cluster in Hai Phong. The project has a total investment of VND26.127bn (~USD1mn) across 5,632 m2, with a designed annual capacity of 50,000 units supplying high-voltage battery wiring harnesses for electric vehicles. Proposed VND3,197bn to build Rach Doi Bridge linking HCMC-Tay Ninh The HCMC People's Committee submitted a proposal to invest VND3,197bn from the municipal budget to build the Rach Doi Bridge connecting HCMC with Tay Ninh province. The project spans 3.3 km with a design speed of 80 km/h, scheduled for construction in 4Q2027 and completion in 2029. China keeps 1-year loan prime rate unchanged at 3% The People's Bank of China (PBOC) maintained its 1-year loan prime rate (LPR) at 3% and the over-5-year LPR at 3.5%. The decision reflects constrained monetary easing space as real estate sector contraction dampens credit demand while commercial banks face net interest margin compression. R3 Lithium seeks to develop battery recycling ecosystem in Vietnam US-based R3 Lithium proposed developing a battery recycling, reuse, and critical minerals processing ecosystem in Vietnam. Deputy Prime Minister Nguyen Van Thang emphasized that a domestic market of over 100mn people and transport electrification trends offer immense opportunities for advanced battery projects. 19

ECONOMY & INVESTMENTS (cont.) Alibaba unveils China's most powerful AI chip and 10-trillion parameter roadmap Alibaba unveiled its latest AI processor, termed China's most powerful, and announced development plans for the Qwen 5 model scaling up to 10-trillion parameters at the Apsara 2026 Conference. The group aims to expand global cloud data center operational capacity beyond 20 GW by 2032. EVNNPT approved as investor for 500kV Hoa Binh 2 - West Hanoi transmission line Phu Tho Provincial People's Committee approved EVNNPT as investor for the 77.4-km, 2-circuit 500kV Hoa Binh 2 - West Hanoi transmission line project. Construction is slated to commence in 4Q2026 with commercial commissioning targeted for 4Q2027 to strengthen northern grid transmission capacity. Hanoi weighs resettlement plan for VND737tn Red River mega project Hanoi authorities are evaluating on-site resettlement solutions without temporary shelters for the VND737tn Red River boulevard project backed by the Hoa Phat, THACO, and Dai Quang Minh consortium. The municipal government is reviewing transport corridor land reserves to construct fully integrated resettlement zones. HCMC VND10tn flood prevention project slated for completion in November 2026 HCMC's nearly VND10tn tidal flood prevention project has reached 92%-99% completion across all major components. Project enterprise Trung Nam An Trieu is mobilizing 1,500 engineers and heavy equipment to finalize technical packages for October trial operations and full handover in November 2026. 20

INTERNATIONAL RELATIONS Vietnam exports to Canada reach nearly USD5.9bn in 8M2026 Bilateral trade between Vietnam and Canada reached nearly USD7bn in 8M2026, up over 25% yoy. Vietnam exported nearly USD5.9bn, led by machinery (USD860mn), electronics (USD851mn), and textiles (USD804mn), while importing over USD1bn. Vietnam continues to rank as Canada's largest import partner within ASEAN. Nguyen Thi Phuong Thao joins US Secretary for NYSE bell ringing Billionaire Nguyen Thi Phuong Thao joined US Secretary of State Marco Rubio for the NYSE opening bell ceremony as FTSE Russell officially upgraded Vietnam to Secondary Emerging Market status. Discussions focused on capital market cooperation, connecting global investment funds, and exploring dual- listing opportunities for eligible Vietnamese corporations. Party General Secretary To Lam interviewed by Bloomberg TV Party General Secretary and State President To Lam gave an interview to Bloomberg TV during the 81st UN General Assembly session. He emphasized efforts to finalize the Reciprocal Trade Agreement (ART) with the US and reaffirmed Vietnam's target of achieving average GDP growth above 10% per year during 2026-2030. Party General Secretary To Lam meets leaders of US corporations Party General Secretary and State President To Lam met with senior executives from Warburg Pincus, Boeing, and Apple in New York. He called on US corporations to expand strategic investments in digital infrastructure, the international financial center, and aerospace and technology supply chains in Vietnam. 21

INTERNATIONAL RELATIONS (cont.) Vietnam and Turkey target USD4bn in bilateral trade General Secretary and President To Lam met Turkish President Recep Tayyip Erdogan on the sidelines of the 81st UN General Assembly. Both leaders agreed to enhance political trust, advance towards upgrading relations to a new partnership framework, and aim for USD4bn in two-way trade turnover. Promoting cooperation between CPV and Algeria's FLN Party Vietnamese Ambassador to Algeria Vu Duy Long held a courtesy meeting with Abdelkrim Benmbarek, General Secretary of the National Liberation Front (FLN). Both sides committed to effectively implementing signed cooperation agreements, increasing high-level delegation exchanges, and sharing party governance experiences. Vietnam and UK collaborate on Ho Chi Minh City IFC development The Vietnam-UK Comprehensive Strategic Partnership is expanding into specialized financial cooperation. The UK actively shares regulatory expertise, green finance frameworks, and fintech development while providing technical assistance to realize the International Financial Center project in Ho Chi Minh City. Advancing strategic connectivity between Vietnam and Laos Permanent Deputy Prime Minister Pham Gia Tuc held talks with Lao Permanent Deputy Prime Minister Saleumxay Kommasith in Vientiane. Both sides agreed to bolster strategic connectivity, expand trade, and accelerate major transport projects, including the Vientiane-Hanoi expressway and railway link to Vung Ang Port. 22

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